NEW YORK (AP) — American Express profits rose a modest 3% in the third quarter despite a significant rise in spending by cardmembers. Revenue surged 24% to $13.56 billion, but profit its being curbed as the credit card giant sets aside hundreds of millions of dollars to cover potential credit losses in a volatile global…
By Laila Kearney NEW YORK (Reuters) -Oil prices toggled between negative and positive territory on Friday as hopes of stronger Chinese demand and output cuts by OPEC+ contended with concern about a global economic downturn and the impact of interest rate rises on fuel use. To fight inflation, the U.S. Federal Reserve is trying to…
BRUSSELS (AP) — European Union leaders struggled to find immediate practical solutions on how to deal with an energy crisis but avoided an open rift between Germany and France on Friday that would have exposed a divided bloc as it confronts Russian President Vladimir Putin over his war in Ukraine. After daylong talks in Brussels…
By Shreyashi Sanyal and Ankika Biswas (Reuters) – U.S. stock indexes jumped on Friday after a report said the Federal Reserve will likely debate on signaling plans for a smaller interest rate hike in December, reversing declines set off by social media firms after Snap Inc’s ad warning. Some Fed officials have begun sounding out…
(Reuters) – Canada’s main stock index opened lower on Friday, bogged down by technology and healthcare shares, as investors fretted over inflation and rising interest rates though an uptick in energy shares capped losses. At 9:37 a.m. ET (13:37 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 27.47 points, or 0.15%, at 18,551.82….
By Mehnaz Yasmin and Niket Nishant (Reuters) -American Express Co on Friday forecast its full-year profit to be higher than initially expected, but built bigger provisions to prepare for potential defaults as an economic downturn looms, sending its shares down 5% in premarket trading. Big U.S. banks have said consumers’ financial health has remained strong…
Shares of social media companies tumbled Friday after a slew of news in the sector that concerned investors, including a report that Elon Musk may cut almost 75% of Twitter’s workforce and Snap’s muted fourth-quarter outlook. Musk has told prospective investors in his Twitter purchase that he plans to cut nearly 75% of Twitter’s employee…
By Eva Mathews (Reuters) – Verizon Communications Inc posted a 23% slide in third-quarter profit and missed market estimates for wireless subscriber additions on Friday, as several customers opted for cheaper plans from rivals AT&T Inc and T-Mobile US Inc. Verizon lost 189,000 monthly bill-paying phone subscribers in its consumer business in the quarter after…
BERLIN (AP) — The German parliament on Friday cleared the way for the government to provide up to 200 billion euros ($195 billion) in subsidies to households and businesses to ease the strain of high energy prices, a plan that has been greeted with suspicion elsewhere in Europe. Lawmakers agreed to let a government economic…
LONDON (AP) — British government debt rose to the highest level in almost 60 years last month and retail sales slumped, underscoring the scale of the economic challenges facing whoever replaces Prime Minister Liz Truss after her administration imploded under the weight of its failed financial plan. Public borrowing rose to 98% of economic output…
